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In the sale of real estate, the unexpected raising of the price immediately before the deal closes. That is, after the parties have agreed to the price but before they have signed the appropriate papers, the seller may decide to raise the price. This surprise move is called a gazump. See also: Gazunder.
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An action by a seller to increase the purchase price of goods or property after the buyer is emotionally invested but immediately before the paperwork is signed. Contrast with gazunder.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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"At this point the vendor also commits to sell to this particular buyer, therefore also protecting the buyer against been gazumped.'' He added: "As we all know, selling a property is a very volatile thing as the buyer can pull out of their agreement with the vendor at anytime in between having their offer accepted and exchange of contracts, which can be very frustrating not to mention time wasting.
What this all boils down to is that, as a buyer, your only and best defence against being gazumped is, firstly, to make your first offer your best offer, and, secondly, to ensure you are ready to proceed to exchange of contracts as quickly as possible.
"Time with my son has pretty much gazumped everything else that makes me happy.
"Now that they have stepped in at the last minute we feel as though we have been gazumped. They really do not seem to care about the wealth creators in the town."
As the Bedworth defence waited for a free-kick to be curled into the area by Charlie they were gazumped by Wayne Jackson whose left-foot effort evaded the wall and keeper Lee Windrum.
But it appears the cheap-fares airline has been gazumped by YouTube users with more than 100,000 people logging on to get an eyeful online.
Bruce tried to buy Koumas last summer but was gazumped by Chris Hutchings who agreed a pounds 5.3m deal for the midfielder from West Brom.
A FAST-growing financial services firm says it may pull out of Rhyl and relocate to England, because it has failed to secure new offices after effectively being gazumped by a local authority.
Software firm Sage looks to have been gazumped by a private equity firm on the biggest acquisition in its history.
We were deceived over the national stadium, gazumped on the Dome project and now lied to about the Olympics.
E Benson St Andrews, Fife #Reading the letter from John Brewin about gazumping (Nov 20), I was reminded of when I was gazumped in the 1980s.